MSG, Azoff Unveil New Entertainment Venture

Madison Square Garden Co. said it is paying $125 million to create a new joint venture with music mogul Irving Azoff that will manage artists, own music-publishing rights and dabble in marketing and television production.

Under the terms of the deal, a subsidiary of MSG will pay Mr. Azoff $125 million for a 50% stake in the new firm, Azoff MSG Entertainment LLC, and will also provide $50 million of revolving credit.